Elevation Point Wealth Partners LLC Has $3.52 Million Stake in Paramount Global (NASDAQ:PARA)

Elevation Point Wealth Partners LLC decreased its holdings in shares of Paramount Global (NASDAQ:PARA) by 10.5% in the 1st quarter, Holdings Channel reports. The institutional investor owned 294,557 shares of the company’s stock after selling 34,382 shares during the period. Elevation Point Wealth Partners LLC’s holdings in Paramount Global were worth $3,523,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Allworth Financial LP boosted its stake in Paramount Global by 140.1% during the 4th quarter. Allworth Financial LP now owns 2,391 shares of the company’s stock worth $25,000 after acquiring an additional 1,395 shares during the last quarter. Mattson Financial Services LLC bought a new position in Paramount Global during the 4th quarter worth approximately $28,000. Ossiam boosted its stake in Paramount Global by 57.2% during the 4th quarter. Ossiam now owns 2,810 shares of the company’s stock worth $29,000 after acquiring an additional 1,022 shares during the last quarter. Mountain Hill Investment Partners Corp. bought a new position in Paramount Global during the 4th quarter worth approximately $31,000. Finally, Rakuten Securities Inc. boosted its stake in Paramount Global by 187.8% during the 4th quarter. Rakuten Securities Inc. now owns 3,094 shares of the company’s stock worth $32,000 after acquiring an additional 2,019 shares during the last quarter. Institutional investors and hedge funds own 73.00% of the company’s stock.

Paramount Global Stock Performance

Shares of PARA stock opened at $11.89 on Friday. The company’s fifty day simple moving average is $11.60 and its 200-day simple moving average is $11.25. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.85. The firm has a market cap of $8.02 billion, a PE ratio of -1.45, a P/E/G ratio of 1.68 and a beta of 1.19. Paramount Global has a 12 month low of $9.54 and a 12 month high of $12.54.

Paramount Global (NASDAQ:PARA) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.02. The business had revenue of $7.19 billion for the quarter, compared to analyst estimates of $7.14 billion. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The firm’s revenue for the quarter was down 6.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.62 earnings per share. Equities research analysts expect that Paramount Global will post 1.77 EPS for the current fiscal year.

Paramount Global Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Monday, June 16th will be given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.68%. The ex-dividend date is Monday, June 16th. Paramount Global’s dividend payout ratio is presently -2.43%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on PARA shares. Morgan Stanley reduced their price objective on shares of Paramount Global from $11.00 to $10.00 and set an “underweight” rating on the stock in a research note on Tuesday, May 6th. Deutsche Bank Aktiengesellschaft lowered shares of Paramount Global from a “buy” rating to a “hold” rating and set a $12.00 price objective on the stock. in a research note on Wednesday, April 2nd. Needham & Company LLC reaffirmed a “hold” rating on shares of Paramount Global in a research note on Thursday, February 27th. Citigroup reaffirmed a “neutral” rating and issued a $12.00 price target (down previously from $13.00) on shares of Paramount Global in a research note on Thursday, May 29th. Finally, UBS Group cut their price target on shares of Paramount Global from $11.00 to $10.00 and set a “sell” rating on the stock in a research note on Tuesday, April 15th. Six research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $11.33.

Paramount Global Profile

Paramount Global operates as a media, streaming, and entertainment company worldwide. It operates through TV Media, Direct-to-Consumer, and Filmed Entertainment segments. The TV Media segment operates CBS Television Network, a domestic broadcast television network; CBS Stations, a television station; and international free-to-air networks comprising Network 10, Channel 5, Telefe, and Chilevisión; domestic premium and basic cable networks, such as Paramount+ with Showtime, MTV, Comedy Central, Paramount Network, The Smithsonian Channel, Nickelodeon, BET Media Group, and CBS Sports Network; and international extensions of these brands.